News
Willis re opens in Seattle with Guy Carp hire
Willis Re, has announced the opening of a new branch office in Seattle .
Quest Gates wins liability contract with security group
QuestGates has been appointed to handle liability claims for Reliance Security Group, with effect from renewal in April 2007.
Florida Cat Fund reform knocks almost 15% off Citizens’ high-risk rates
Florida’s stat-owned insurer of last resort Citizens Insurance has filed the rate decreases it is to pass on to its almost 1.2 million policyholders as result of the reform of the Florida Hurricane Catastrophe Fund.
Highway’s Commercial Vehicle product gets a revamp
Following consultations with its brokers, motor insurer Highway has upgraded the cover under its commercial vehicle policy.
MMA boosts small contractors liability offering
Intermediary-only insurer MMA Insurance (MMA) has launched a series of enhancements to Master Tradesman Plus product.
PYV sues four ex-employees and rival CRS
PYV Limited, part of the PYV Group of Companies, has issued High Court proceedings against a number of former employees and their new employer CRS Group PLC (formerly Cameron Richard and Smith Insurance Services Limited) (“CRS”).
Aon to market Inter Resolve claims management products
InterResolve and Aon have announced a partnership to provide UK corporate businesses with a fixed costs resolution service for employers’ liability, public liability and fleet motor claims.
Beaton, Foreman & Bonnar float $222m Ark at Lloyd’s
Ark, a new Lloyd’s syndicate and managing agency, has been launched with capacity of £114m ($222m) for the 2007 year of account.
Chaucer eyes £800m capacity at next cycle peak
Lloyd's insurer Chaucer has reported record results for the 2006 calendar year, with gross written premiums up 22.7% to £594.0m and profit before tax rising from approximately £12m in 2005 to £86m.
Cobra appoints three brokers
Cobra London Markets has appointed three specialist brokers to strengthen is UK Commercial (Property and Liability) and Motor Fleet teams.
Preston Whiteside directors jailed
Two insurance brokers were sentenced today after defrauding hundreds of small businesses, predominantly in Northern Ireland, out of insurance premiums and after having created a multi-million pound uninsured risk vacuum. Paul Newton and Mathew Walker,…
Morgans group expands its overseas property sector
Morgans General Insurance Services, part of the Morgans Group, has entered into a joint venture agreement with financial services provider Baydonhill, to take over its overseas property insurance arm.
Rainbow earmarks £2m for investment programme
A major investment in staff and resources has been announced by disaster restoration specialists Rainbow International.
NIG launches imarket SME package products
Broker-only insurer NIG is enhancing its commercial e-trading capability by launching its first imarket integrated SME package products on the Acturis1 broker platform.
Report highlights data loss as biggest operational risk
One in three global businesses see loss of data as a significant threat and the key issue to address in operational risk management planning, according to the latest global risk briefing report conducted by the Economist Intelligence Unit and sponsored…
Novae into the black
Novae Group has announced its 2006 preliminary results including profit before tax and exceptional items of £32.8 million (2005: £17.9 million loss).
Groupama makes £33.8m profit
Groupama has announced total revenues during 2006 rose 20% to £412.5m and the insurer has reported record pre-tax profits of £33.8m.
PXRE wins back rating as Peleus Re gets an A-
Rating agency AM Best has assigned a financial strength rating of A- to Bermudian start-up reinsurer Peleus Re following the announcement of its foundation through the merger of US Argonaut and PXRE Group.
FSA to impose PPI sales rules
The regulator has revealed it intends to set some specific requirements in respect of high risk payment protection insurance sales.
Report highlights nimble brokers growing fast
A group of lean, fit and relatively small companies are taking the insurance brokers industry by storm and showing the bigger players how it’s done.
Ernst & Young partners with the CII
In a new collaboration announced today, Ernst & Young and the Chartered Insurance Institute (CII) will be working together to share knowledge, deliver training and develop joint thought leadership for members of the CII Faculty of Underwriting.
PXRE move wins Argonaut negative outlook from S&P
Standard & Poor's has revised its outlook on US Specialty insurer, Argonaut Group's rated operating subsidiaries to negative from stable.
Hannover to reinvest €600m in core reinsurance business
Global reinsurer Hannover Re has unveiled bumper results for 2006, posting a net profit of €514.4m on the back of net earned premium of €7bn and a non-life Property Casualty combined ratio of 98.4%. The results produced a return on Equity of 18.7%.
Exclusive: FSA offers brokers Goodwill lifeline
Brokers have been granted a welcome reprieve in their efforts to negotiate the end of the grace period for listing Goodwill as an asset, writes Martin Friel from Insurance Age.